Bitcoin News Today: Bitcoin eyes $116.5K breakout as falling wedge tightens

Bitcoin’s price action remains within a narrowing falling wedge pattern, with traders closely watching the $116,500 level for a potential breakout. The cryptocurrency is currently trading at $114,717, down 3.31% in the last 24 hours. Despite the recent rejection at resistance, the wedge pattern has not yet been invalidated, and market participants continue to view it as a bullish setup[1].

Technical analysts emphasize that a successful reclaim of $116.5K could signal a momentum shift toward $118,000 and renewed upside strength. Conversely, a failure to hold above that level may result in extended weakness or retesting of lower price zones. Chart patterns suggest that such setups often lead to breakouts, reinforcing the importance of this price region as a decision point for traders[1].

On-chain activity also shows continued accumulation by large holders. According to a Santiment report, wallets holding between 10 and 10,000 BTC have added over 218,000 BTC since late March, bringing their total control to 68.44% of the circulating supply. This represents nearly 1% of the total supply and is interpreted by some as a sign of growing institutional interest. However, observers remain cautious, noting that such whale activity can influence short-term volatility[1].

Despite short-term pressure, long-term signals remain optimistic. Rising institutional accumulation, combined with recent government statements supporting cryptocurrency integration into national policy, underpin broader confidence in Bitcoin’s role as a strategic asset. Volume data also shows active participation near current price levels, indicating ongoing market interest[1].

Sources:

[1] Bitcoin Breakout Imminent, Eyes on $116.5K for Recovery — [https://coinmarketcap.com/community/articles/688c94c4b672e45c23ae26c4/](https://coinmarketcap.com/community/articles/688c94c4b672e45c23ae26c4/)